Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY</li>
<li>Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ</li>
<li>18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 </li>
</ul>


Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 


Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop</li>
<li>TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength</li>
<li>Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little </li>
</ul>


MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop
TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 


Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

<ul>
<li>TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From</li>
<li>UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels</li>
<li>ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels
ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.</li>
<li>Between the US Stocks we track, all seems to have room to rally, short-term, and <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon (AMZN US)</a> is actually <strong>oversold (buy opportunity)</strong>. </li>
<li>The Asian Stocks we track instead show a less homogeneous picture, but <strong>several Asian stocks are incredibly overbought. Same as Gold. </strong>
</li>
</ul>


A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.
Between the US Stocks we track, all seems to have room to rally, short-term, and Amazon (AMZN US) is actually oversold (buy opportunity). 
The Asian Stocks we track instead show a less homogeneous picture, but several Asian stocks are incredibly overbought. Same as Gold. 



Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 17th. The aggregated holding was USD1,379.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,539mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, ASE Industrial, Wistron, Delta Electronics, Hon Hai Precision, Ase Industrial, TSMC, Wistron, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 17th. The aggregated holding was USD1,379.7bn.
We estimate that foreign flows to be outflows of USD2,539mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, ASE Industrial, Wistron, Delta Electronics, Hon Hai Precision, Ase Industrial, TSMC, Wistron, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?

Probabilistic tactical models show Asian stocks and Gold are incredibly overbought if compared to US stocks: the latter have still room to rally...

Nico Rosti

TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT), ASE...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

​MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?

​Probabilistic tactical models show Asian stocks and Gold are incredibly overbought if compared to US stocks: the latter have still room to rally...

Nico Rosti

TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT), ASE...

Ke Yan, CFA, FRM

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Probabilistic tactical models show Asian stocks and Gold are incredibly overbought if compared to US stocks: the latter have still room to rally...